The allocation of tasks to particular individuals who specialize in performing them is referred to as_______________?
Correct answer: A. division of labor
- A. division of labor
- B. status fulfillment
- C. ascribed status
- D. status specialization
Explanation
When different individuals specialize in particular tasks, production is organized through division of labor. The other options refer to social status concepts rather than the allocation of productive tasks.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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